Why are women less likely to seek advice?

The firm’s founder Paul Resnik stating: “Advisers must consider the risk preferences of each person in a couple in giving investment advice – and should not ignore the needs of the less risk-tolerant partner, who is usually the woman.”

Sebastian Hurst, an adviser at Plutus Wealth Management, added that a lack of female advisers in the sector could explain Ms Walsh’s findings and he agreed that females may not want to seek advice from males.

“I don’t have any gender bias in my advice - female advisers have commented that they don’t see any gender bias - so I’m a bit surprised to be honest,” he commented.

“I do think there’s a lack of female advisers which could lead to some of these findings because you are talking about sensitive subjects - you are talking about your personal wealth, your estate, your health - lots of things that as a female you wouldn’t necessarily be comfortable discussing with a male.”

ruth.gillbe@ft.com